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You don’t have to be an economics major to understand the basics of financial literacy. The more familiar you are with terms and ideas associated with banking and investing, the more informed you’ll feel when you develop and commit to a retirement savings action plan.
- First things first – you need to understand how much money comes in and how much goes out of your household each month. This free and simple spreadsheet from Bankrate.com is a great place to start. Learn more...
- When it comes to saving, time is definitely on your side. Find out how compound interest helps you grow your savings and use this calculator from MoneyChimp.com to see the benefits for yourself.
- Check your credit report for accuracy – Federal law entitles you to one free credit report from each credit agency per year. Experts suggest looking at credit reports from all three agencies to get an overall picture, because your credit report may vary from one company to another. Learn more...
- There are many different savings and banking vehicles out there – the Federal Reserve of San Francisco explains which ones are insured by the federal government. Learn more...
- The Securities and Exchange Commission offers questions you should ask about investment vehicles – before you hand over your hard-earned cash. Learn more...
- Stay on top of it - taking time out to regularly monitor and keep your personal finances in order can reap both immediate and long-term benefits. This checklist from the New York Times "Your Money" Columnist can help you formulate a strategy, providing tips, the time needed to achieve them, and links to additional resources. Learn more...
- What is the Federal Deposit Insurance Corporation? What does “variable rate” mean? Refer to InvestorWords.com’s banking and financial terms dictionary. Learn more...
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